(Forbes) Hedge funds are losing billions in assets amid flagging performance and investor angst over high fees. Amid this money sinkhole, private equity giants like Blackstone Group, Apollo Global, KKR & Co. and Carlyle Group used 2016 to draw in tens of billions of dollars apiece in new investments from sovereign wealth funds and other institutional investors in search of uncorrelated, above-market returns.
Now one of the world’s most closely-watched hedge funds, billionaire Chase Coleman’s Tiger Global, is spotting value in private equity stocks. Tiger Global, which reportedly lost about 15% in 2016, has been building a major stake in the publicly-traded units of Apollo Global, the private equity giant with $192 billion in assets co-founded by billionaires Leon Black, Marc Rowan and Joshua Harris. Since first disclosing a stake Apollo in mid-March, Tiger Global has been buying shares hand over fist.
